Gender Pay Gap
From 6 April 2017 employers in Great Britain with more than 250 UK-based staff have been required by law to publish data on the following:
- Gender pay gap (mean and median)
- Gender bonus gap (mean and median)
- Proportion of men and women in each quartile of the organisation’s pay structure
- Proportion of men and women receiving bonuses
Gender pay gap is a company-wide comparison, across the pay of all men and all women, regardless of their level or role. An equal pay gap is an individual measure, comparing the pay of a man and a woman in the same or a similar role. At ICG, we have equal pay for equal work regardless of gender.
Prior to 2020, we did not meet the reporting criteria but decided to be transparent about our gender pay gap numbers to help build awareness of the issues and work to reduce the gap.
Mean hourly pay gap
This is the difference between average hourly pay for all our female employees in the UK compared to the average hourly pay for all our male UK employees as at 5 April 2020.
The median hourly pay gap is 23.9%.
Proportion of women and men at each hourly pay quartile
This is based on ranking the hourly pay for all our UK employees and dividing this ranked list into four equal groups (quartiles). This information helps us understand what is driving our hourly pay gaps as it highlights in which quartiles we have more women than men and vice versa.
Mean bonus pay gap
This is the difference between the average bonus pay for all female employees in the UK compared to the average bonus pay for all UK male employees in the twelve months to 5 April 2020.
The median bonus pay gap is 70.7%.
Proportion of men and women receiving a bonus
This is the proportion of men and women who received a bonus in the 12 months to 5 April 2020.
Hourly pay and bonus gaps
We continue to make progress and our hourly pay gap has continued to decline over the four years during which we have reported on our gender pay gap, with the mean gap falling from 39.8% to 26.2%, as shown in the chart below.
This results from a higher proportion of women progressing and/ or being recruited into more senior roles at the firm; increasing the representation of women across all departments, including in investment roles; and successfully retaining our senior women through offering attractive career opportunities as well as an inclusive and supportive work environment.
Our 12-month bonus gap has also reduced over the four-year period as a result of average male bonuses falling, whilst average female bonuses increased slightly as gender distribution at senior levels and in typically more remunerative parts of the firm improves.
ICG's commitment to addressing our gender pay gap
What are we doing about our gender pay gap?
Showing our commitment
Following the example set by our Board, we are taking another important step towards greater gender diversity at ICG by committing to 30% of our UK management roles being filled by women by 2023. This highlights our genuine commitment to achieving greater gender balance and helps us assume a strong position amongst our industry peers.
Increasing talent diversity
We have already started work to meet these commitments:
- Throughout this year we have run Unconscious Bias Training for leaders, managers and interviewers to ensure all our people are equally supported in their career progression.
- We are working with external recruitment partners to extend the reach of our search and selection activities to bring in the best talent regardless of demographic or background.
- We are pressing for balanced candidate short-lists for all roles and are maximising diversity on our interview panels.
Fostering a culture of inclusivity
We are building a culture that enables all our employees to be their best:
- We are rolling out a suite of training courses to create greater awareness and consideration of diversity and inclusion in how we manage our talent, with Inclusive Management Behaviours and Professional Conduct Training.
- We recognise that work-life balance is an integral contributing factor to the success of ICG. We are partnering with leading external professionals to help our people navigate issues of physical and emotional health, parenting, and general wellbeing through an ongoing series of seminars and webinars.
- While we believe ICG and its employees embrace diversity and equality, we are not complacent as to the work we need to do to ensure our workplace remains one that is truly diverse and open, and where every individual feels they have a place and value. Our initiatives on creating an inclusive environment, including our Women’s Mentoring Programme, International Diversity & Inclusion Champions Group and inclusive employee-led networks can be found within Diversity and Inclusion.
- Diversity and inclusion is embedded as a significant measure of leadership success, and features as a KPI for all our leadership roles, including for Executive Directors.
Our commitment to have 30% of senior roles filled by women by 2023 provides us with our first target. We are looking forward to working together to make ICG a more diverse and inclusive place of which we can all be proud.
We recognise that some of these actions may cause our gender pay gap numbers to fluctuate in the short term as more women take on roles across the organisation, but we are focused on driving change over the longer-term.
We confirm that all the information we have disclosed is accurate and our statistics have been calculated according to the requirements of The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017. Figures reviewed and verified by Willis Towers Watson.
Chief Investment Officer and Chief Executive Officer, ICG plc
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